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Telkom SA Limited - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
Telkom SA Ltd, the largest provider of integrated communications services in South Africa, offers fixed-line voice and data services to residential and business customers. The company also offers mobile telecommunication services through Vodacom, a joint venture between Telkom (50%) and Vodafone Group (50%). Through Vodacom, the company provides mobile services in South Africa and other African countries including Tanzania, Lesotho, Democratic Republic of Congo (DRC), and Mozambique. Directory services are provided through Telkom Directory Services (TDS), a subsidiary in which Telkom has a 64.9% shareholding. Wireless data services are provided through a wholly-owned subsidiary, Swiftnet. In addition, Telkom provides customer premises equipment (CPE) including telephones, private branch exchange systems (PABX), and other post-sale services to customers across South Africa. Telkom was established in 1991, when the South African telecommunications operations of the Department of Posts and Telecommunications were hived off as a separate entity. The state then, in a move to liberalise the South African telecommunications market, sold 30% of the company’s equity to Thintana Corporation in May 1997 and another 3% to Ucingo Investments. In March 2003, the company went public through the issue of 154.2 million of the company’s common stock. However, Telkom remains a state-controlled subsidiary. As of March 2006, the Government of the Republic of South Africa was the majority shareholder of Telkom with 38.0% of total issued shares. Other major shareholders at that time were: Public Investment Corporation (PIC), an investment management company wholly-owned by the Government (15.7%); Elephant Consortium, a Black Economic Empowerment group, which through Newshelf 772 (Pty) Ltd, holds shares in Telkom which it acquired from the PIC (5.6%); and, Telkom subsidiaries (4.3%), while the remaining 36.4% of the shares are free float.
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